Both are written the same way, but I'm not sure how to pronounce the album's title... I have to say that the second sounds way more badass, so I'm hoping that's it
Actually there is an "ISO-LIT". If you are into bodybuilding or know anything about chemistry you will know this. It's written Isolate and pronounced "ISO-LIT". I'm sitting here right now drinking Whey Protein Isolate ("isolit") in my shaker cup .
This is a different word than "ISO-LATE" which is the verb.
There is no noun that is pronounced "ISO-LATE". There are only two options as the OP says, and obviously the album is option #1.
From the dictionary: Isolate -- [verb. ahy-suh-leyt; noun. ahy-suh-lit.]